Jaguar Land Rover posted a dramatic increase in revenue and profit and reduced its towering order backlog in the final financial quarter of 2022.
Rounding up its financial performance for the 12 months to March 2023, the Gaydon firm hailed revenues of £22.8 billion – up 25% year-on-year – off the back of a 9% increase in sales and an increase in price per vehicle.
Overall, the firm sold 321,362 cars globally last year, of which nearly 100,000 were in the fourth quarter alone - a 24% year-on-year increase. JLR boss Adrian Mardell pointed to a dramatic improvement in the supply of crucial semiconductor chips, which allowed for much higher production volumes than in the same period last year.
Full-scale production of the new Range Rover and Range Rover Sport was integral to the increase in revenue, with volumes of the pair increasing from 27,000 units in the third quarter to 33,000 in the final quarter.
